Introduction
Maryland is fast becoming a hotspot for commercial real estate investors, with several rising cities offering untapped potential and promising returns. As the state continues to grow and diversify its economy, savvy investors are setting their sights on emerging markets that are primed for development. From historic towns undergoing revitalization to suburban areas transforming into commercial hubs, these ten cities are leading the charge in Maryland’s real estate boom. Whether you’re looking to invest in retail, office spaces, or mixed-use developments, these rising stars should be on your radar in 2024.
10. Elkridge
Population: 24,868 (2023 estimate)
Median Age: 34.7 years
Median Household Income: $104,213
Population Growth Rate: 1.3% annually
Key Industries: Technology, Healthcare, Education, Retail
Why It’s Rising:
Elkridge, a vibrant community within Howard County, Maryland, is experiencing significant growth, driven by its strategic location and the region’s strong economic performance. Situated along major transportation corridors like Interstate 95 and Route 1, Elkridge has become a focal point for industrial and commercial developments, particularly in the logistics and manufacturing sectors. The city’s proximity to major employment centers in Baltimore and Washington D.C. further enhances its appeal, making it a prime location for both business and residential development.
Population Growth and Economic Indicators
Elkridge’s population has grown steadily, reflecting the area’s increasing desirability as both a residential community and a business hub. With a population of approximately 22,000, Elkridge is part of the larger Howard County, which is known for its high standard of living and strong economic indicators. The median household income in Elkridge is approximately $105,000, well above the national average, reflecting the area’s affluence and the economic opportunities available to its residents.
The city benefits from its strategic location, with easy access to major highways, making it a key node in the region’s logistics network. This accessibility has attracted a diverse range of businesses, particularly in the logistics, manufacturing, and technology sectors, contributing to Elkridge’s economic growth and low unemployment rate, which currently stands at 2.8%.
Real Estate Market Trends
Elkridge’s real estate market is characterized by dynamic growth, particularly in the industrial and commercial sectors. The city’s strategic location along I-95 and Route 1 makes it an attractive destination for businesses looking to establish or expand their operations in the Mid-Atlantic region. This demand is driving significant investment in new industrial parks, logistics centers, and mixed-use developments.
The commercial real estate sector in Elkridge is particularly robust, with a focus on developments that cater to the needs of the logistics and manufacturing industries. The city’s proximity to Baltimore and Washington D.C. also makes it a prime location for office spaces targeting the technology and professional services sectors.
Key Development Projects
Gateway Overlook Expansion:
Overview: The Gateway Overlook shopping center is one of Elkridge’s most prominent commercial developments. Recent expansions to the center have added new retail and dining options, making it a key destination for both residents and visitors.
Impact: The expansion includes over 200,000 square feet of retail space, featuring major national retailers alongside local businesses. This development has significantly boosted the local economy by attracting shoppers and creating jobs in the retail sector.
Investment: The total investment in the Gateway Overlook expansion is estimated at $50 million, led by Greenberg Gibbons, a developer known for its successful mixed-use and retail projects across Maryland.
Dorsey Run Industrial Park:
Overview: The Dorsey Run Industrial Park is a major industrial development that is capitalizing on Elkridge’s strategic location. This park is designed to meet the needs of logistics and manufacturing companies looking for modern facilities with excellent transportation access.
Impact: The industrial park spans over 500 acres and offers 1.5 million square feet of warehouse and industrial space. It has attracted a range of tenants, including logistics firms and manufacturers, contributing to the region’s economic growth and job creation.
Investment: The investment in Dorsey Run Industrial Park is estimated at $120 million, with the project being developed by St. John Properties, a leading developer with a strong portfolio of industrial and commercial properties in the region.
Blue Stream Mixed-Use Development:
Overview: Blue Stream is a significant mixed-use development in Elkridge that integrates residential, retail, and office spaces within a single, cohesive community. This development is designed to support the area’s residential growth while providing convenient access to amenities and employment opportunities.
Impact: Blue Stream includes 500,000 square feet of commercial space, alongside 1,600 residential units. The development has become a model for future mixed-use projects in the area, offering a blend of living, working, and shopping spaces in a walkable environment.
Investment: The project represents an investment of $200 million and is being developed by Chesapeake Realty Partners, a company with a reputation for creating high-quality, sustainable communities.
Key Opportunities in Elkridge
Industrial Parks and Logistics Centers:
Overview: Elkridge’s strategic location along I-95 makes it an ideal location for industrial parks and logistics centers. The city’s growing reputation as a logistics hub is driving demand for new warehouse and industrial facilities that cater to the needs of modern businesses.
Example: The Dorsey Run Industrial Park exemplifies the area’s potential as a key player in the regional logistics industry, offering state-of-the-art facilities designed to meet the needs of businesses in the Mid-Atlantic region.
Impact: The development of new industrial parks and logistics centers will attract large-scale tenants, create jobs, and contribute to Elkridge’s economic growth.
Office Spaces Catering to Tech and Manufacturing Industries:
Overview: Elkridge’s proximity to major employment centers in Baltimore and Washington D.C. makes it an attractive location for office spaces targeting the technology and manufacturing industries. The city’s excellent transportation links and growing economy support the demand for high-quality office space.
Example: New office developments in the Dorsey Run area are designed to cater to the needs of businesses in these sectors, offering modern facilities with easy access to major highways and public transit.
Impact: The development of new office spaces will attract businesses to Elkridge, create jobs, and contribute to the city’s long-term economic stability.
Mixed-Use Developments Supporting Residential Growth:
Overview: The trend toward mixed-use developments is gaining momentum in Elkridge, with projects that combine residential, retail, and office spaces to create vibrant, self-sustaining communities. These developments are designed to meet the needs of a growing population while promoting walkability and community engagement.
Example: Blue Stream is a successful model of mixed-use development in Elkridge, offering a blend of living, working, and shopping spaces in a single location.
Impact: Mixed-use developments will enhance Elkridge’s appeal as a place to live and work, attract new residents, and support the area’s long-term growth and sustainability.
Conclusion
Elkridge is rapidly emerging as a key player in Howard County’s commercial and residential real estate markets. With its strategic location, strong economic indicators, and ongoing development projects, the area is well-positioned for continued growth. Key opportunities in industrial parks, logistics centers, office spaces, and mixed-use developments are driving Elkridge’s transformation into a vibrant, thriving community that offers the best of suburban living with the convenience of access to major employment centers.
As Elkridge continues to grow and evolve, it remains an attractive destination for businesses, residents, and investors alike. The area’s ongoing expansion reflects its commitment to fostering a strong economy while maintaining its unique character, making Elkridge a prime destination in the Baltimore-Washington corridor.
9. White Marsh
Population: 9,569 (2023 estimate)
Median Age: 38.4 years
Median Household Income: $95,824
Population Growth Rate: 1.0% annually
Key Industries: Retail, Healthcare, Education, Technology
Why It’s part of the Top 10 Rising Cities in Maryland:
White Marsh, located in Baltimore County, Maryland, is experiencing rapid growth, emerging as a prime location for commercial real estate investment. With a population of approximately 9,500 within the immediate area and being part of the larger Baltimore metropolitan region, White Marsh is capitalizing on its strategic location near Baltimore and major transportation routes such as Interstate 95. The area’s expansion is centered on new commercial developments in retail and office spaces, catering to a diverse range of industries and consumers. White Marsh offers a unique blend of urban convenience and suburban comfort, making it an attractive destination for businesses, residents, and investors alike.
Population Growth and Economic Indicators
White Marsh, while maintaining a relatively small population within its immediate borders, benefits significantly from its inclusion in the broader Baltimore County area, which has a population of over 800,000. The area’s strategic location and accessibility have attracted a steady influx of businesses and residents, contributing to the economic vitality of the region.
The median household income in White Marsh is approximately $92,000, reflecting the affluence of the community and its appeal to both young professionals and families. This higher-than-average income level supports a thriving retail and service economy, driving demand for both commercial and residential real estate. Additionally, the area’s low unemployment rate, currently around 3.4%, underscores the strength of its local economy and job market.
Real Estate Market Trends
White Marsh’s real estate market is characterized by its dynamic growth, particularly in the retail, office, and mixed-use sectors. The median home price in White Marsh is around $400,000 as of 2023, reflecting steady appreciation driven by the area’s desirability and ongoing development projects. The real estate market in White Marsh is competitive, with properties typically selling within 30 to 45 days of listing, indicating strong demand for both residential and commercial spaces.
The commercial real estate sector in White Marsh is particularly robust, with significant investments in retail centers, office parks, and mixed-use developments. The area’s proximity to Baltimore, combined with its strategic location along I-95, has made it an attractive location for businesses looking to establish a presence in the Mid-Atlantic region.
Key Development Projects
The Avenue at White Marsh:
Overview: The Avenue at White Marsh is a premier retail and entertainment destination that has become a cornerstone of the area’s commercial landscape. This outdoor shopping center offers a mix of national retailers, dining options, and entertainment venues, making it a popular destination for both locals and visitors.
Impact: The Avenue at White Marsh includes over 300,000 square feet of retail space, featuring major tenants like Loft, Barnes & Noble, and AMC Theatres. The development has significantly boosted the local economy by attracting shoppers from across the Baltimore region and creating jobs in the retail and service sectors.
Investment: The initial investment in The Avenue at White Marsh was approximately $100 million, with ongoing upgrades and expansions led by Federal Realty Investment Trust, a major developer known for creating high-quality retail and mixed-use properties.
White Marsh Business Park Expansion:
Overview: The White Marsh Business Park is undergoing a significant expansion to accommodate the growing demand for office and industrial space in the area. This development caters to a wide range of industries, including technology, healthcare, and professional services.
Impact: The business park offers 1 million square feet of office and industrial space, attracting both national and regional companies looking for modern facilities with easy access to major transportation routes. The expansion is expected to create hundreds of new jobs and further solidify White Marsh’s position as a key business hub in Baltimore County.
Developer: The expansion is being led by St. John Properties, a prominent commercial real estate developer with a strong track record of successful projects in the Mid-Atlantic region.
Honeygo Village Center:
Overview: Honeygo Village Center is a mixed-use development that integrates residential, retail, and office spaces in a single, cohesive community. This development is designed to offer a walkable, village-style environment that appeals to both residents and businesses.
Impact: The Village Center includes 250,000 square feet of retail and office space, alongside 200 residential units. The development has become a model for future mixed-use projects in the area, offering a blend of convenience and community that is increasingly in demand.
Investment: The project represents an investment of $75 million and was developed by Elm Street Development, a company known for creating vibrant, sustainable communities.
Key Opportunities in White Marsh
Retail Centers and Office Parks:
Overview: White Marsh’s expanding population and strong economic base are driving demand for new retail centers and office parks. The area’s strategic location near major highways makes it an ideal location for businesses looking to serve both the local community and the broader Baltimore region.
Example: The expansion of White Marsh Business Park exemplifies the area’s potential as a business hub, offering modern office spaces that cater to a wide range of industries.
Impact: The development of new retail centers and office parks will attract businesses to White Marsh, create jobs, and support the area’s continued economic growth.
Mixed-Use Developments Integrating Residential and Commercial Spaces:
Overview: The trend toward mixed-use developments is gaining momentum in White Marsh, with projects that combine residential, retail, and office spaces to create vibrant, self-sustaining communities. These developments are designed to meet the needs of a growing population while promoting walkability and community engagement.
Example: Honeygo Village Center serves as a successful model for mixed-use development in White Marsh, offering a blend of living, working, and shopping spaces in a single location.
Impact: Mixed-use developments will enhance White Marsh’s appeal as a place to live and work, attract new residents, and support the area’s long-term growth and sustainability.
Entertainment and Hospitality Projects:
Overview: White Marsh’s growing population and strategic location make it an attractive destination for entertainment and hospitality projects. The area’s accessibility and appeal to both locals and visitors create opportunities for new developments in this sector.
Example: The Avenue at White Marsh has already established itself as a premier entertainment destination, and there is potential for additional projects that build on this success by offering new dining, entertainment, and hotel options.
Impact: The development of new entertainment and hospitality projects will enhance White Marsh’s attractiveness as a destination, increase visitor spending, and contribute to the area’s overall economic vitality.
Conclusion
White Marsh is rapidly emerging as a key player in Baltimore County’s commercial and residential real estate markets. With its strategic location, strong economic indicators, and ongoing development projects, the area is well-positioned for continued growth. Key opportunities in retail centers, office parks, mixed-use developments, and entertainment projects are driving White Marsh’s transformation into a vibrant, thriving community that offers the best of suburban living with the convenience of urban amenities.
As White Marsh continues to grow and evolve, it remains an attractive destination for businesses, residents, and investors alike. The area’s ongoing expansion reflects its commitment to fostering a strong economy while maintaining its unique suburban character, making White Marsh a prime destination in the Baltimore metropolitan area.
8. Hagerstown
Population: 41,150 (2023 estimate)
Median Age: 35.8 years
Median Household Income: $53,508
Population Growth Rate: 0.6% annually
Key Industries: Manufacturing, Healthcare, Retail, Transportation
Why It’s Rising:
Hagerstown, the largest city in Washington County, Maryland, is rapidly evolving into a key regional hub for logistics, distribution, and industrial growth. With a population of approximately 40,000, Hagerstown is strategically located near major transportation arteries, including Interstate 81 and Interstate 70, which connect it to major markets in the Northeast and Mid-Atlantic regions. This prime location, coupled with significant investments in downtown redevelopment and industrial expansion, positions Hagerstown as a city with immense commercial real estate potential.
Population Growth and Economic Indicators
Hagerstown’s population has remained relatively stable at around 40,000, but the broader Washington County area has seen steady growth, reflecting the city’s increasing role as a regional economic center. The city’s strategic location has attracted businesses in logistics, manufacturing, and healthcare, contributing to its economic diversification and growth.
The median household income in Hagerstown is approximately $55,000, which is lower than the national average but indicative of the city’s cost of living and economic structure. However, the city is seeing rising wages, particularly in the logistics and healthcare sectors, which are driving local economic growth. Hagerstown’s low unemployment rate, currently around 3.5%, underscores the strength of its job market, particularly in industrial and healthcare-related fields.
Real Estate Market Trends
Hagerstown’s real estate market is characterized by its affordability and growth potential. The median home price in Hagerstown is approximately $250,000 as of 2023, making it an attractive option for first-time homebuyers and investors. The city’s affordability, combined with its strategic location, is driving demand for both residential and commercial properties.
The industrial real estate market in Hagerstown is particularly strong, with significant demand for logistics and distribution facilities. The city’s location near major highways makes it an ideal base for companies looking to distribute goods throughout the region. Additionally, Hagerstown’s efforts to revitalize its downtown area are leading to increased interest in retail and office spaces, further boosting the local real estate market.
Key Development Projects
Meritus Health Medical Campus Expansion:
Overview: The expansion of the Meritus Health Medical Campus is one of the most significant recent developments in Hagerstown. This project is aimed at enhancing healthcare services in the region, adding new facilities, and expanding existing ones to meet the growing demand for medical care.
Impact: The expansion includes the construction of a new $100 million outpatient care facility, as well as upgrades to existing hospital infrastructure. This project is expected to create hundreds of new jobs in the healthcare sector and attract related businesses to the area, further boosting the local economy.
Developer: The expansion is being led by Meritus Health, the largest healthcare provider in Washington County, which is committed to improving healthcare access and quality for the region’s residents.
Hagerstown Logistics Park:
Overview: The Hagerstown Logistics Park is a major industrial development project designed to capitalize on the city’s strategic location near I-81 and I-70. This park is intended to attract logistics, distribution, and manufacturing companies looking for modern facilities with easy access to major transportation routes.
Impact: The logistics park spans over 300 acres and includes 2 million square feet of industrial space. The project is expected to attract large-scale tenants, create thousands of jobs, and significantly boost the local economy. The park’s development is a key component of Hagerstown’s strategy to become a leading logistics hub in the Mid-Atlantic region.
Investment: The total investment in the Hagerstown Logistics Park is estimated at $150 million, with the project being developed by Trammell Crow Company, a leading real estate development firm with expertise in industrial properties.
Downtown Hagerstown Revitalization:
Overview: Hagerstown’s downtown area is undergoing a significant revitalization, with both public and private investments focused on transforming the historic district into a vibrant commercial and cultural center. The redevelopment includes the restoration of historic buildings, the introduction of new retail and office spaces, and the creation of pedestrian-friendly public areas.
Impact: Key projects include the University System of Maryland at Hagerstown (USMH) expansion and the development of new residential lofts, retail spaces, and dining options. The revitalization efforts aim to attract new businesses, residents, and visitors to downtown Hagerstown, creating a thriving urban environment that complements the city’s industrial growth.
Developer: The downtown revitalization efforts are supported by a combination of public funding and private investments, with developers such as W.M. Rickman Construction playing a key role in the restoration and redevelopment of historic properties.
Key Opportunities in Hagerstown
Industrial and Logistics Facilities:
Overview: Hagerstown’s strategic location near major highways makes it an ideal location for industrial and logistics facilities. The city’s growing reputation as a logistics hub is driving demand for new warehouses, distribution centers, and manufacturing facilities.
Example: The Hagerstown Logistics Park exemplifies the city’s potential as a key player in the regional logistics industry, offering state-of-the-art facilities designed to meet the needs of modern businesses.
Impact: The development of new industrial and logistics facilities will attract large-scale tenants, create jobs, and contribute to Hagerstown’s economic growth.
Downtown Retail and Office Space Redevelopment:
Overview: The revitalization of downtown Hagerstown presents significant opportunities for the redevelopment of retail and office spaces. The city’s efforts to restore its historic downtown area and attract new businesses are creating a vibrant urban environment that appeals to both residents and visitors.
Example: The expansion of the USMH campus and the development of new residential lofts are key components of downtown Hagerstown’s transformation, offering modern spaces in a historic setting.
Impact: The redevelopment of downtown retail and office spaces will enhance Hagerstown’s appeal as a business and cultural center, attracting new businesses, residents, and tourists.
Residential Projects Supporting the Growing Workforce:
Overview: As Hagerstown continues to grow as a regional hub for logistics and healthcare, there is increasing demand for residential developments that can accommodate the city’s expanding workforce. The city’s affordability and quality of life make it an attractive location for new housing projects.
Example: New residential communities are being developed on the outskirts of Hagerstown, offering a mix of single-family homes, townhouses, and apartments designed to meet the needs of the growing population.
Impact: These residential projects will provide much-needed housing for Hagerstown’s growing workforce, support the city’s economic development, and contribute to its long-term sustainability.
Conclusion
Hagerstown is quickly establishing itself as a regional leader in logistics, industrial growth, and downtown revitalization. With strategic investments in healthcare, industrial parks, and the revitalization of its historic downtown, the city is attracting businesses, residents, and investors alike. Key opportunities in industrial and logistics facilities, downtown redevelopment, and residential projects are driving Hagerstown’s transformation into a vibrant, thriving community with a strong economic future.
As Hagerstown continues to grow and evolve, it remains well-positioned to attract further investment and development, ensuring its status as a key player in Maryland’s real estate market. The city’s ongoing expansion reflects its commitment to fostering a diverse and resilient economy while maintaining its unique character, making Hagerstown a prime destination for families, businesses, and investors in the Mid-Atlantic region.
7. Laurel
Population: 26,282 (2023 estimate)
Median Age: 35.1 years
Median Household Income: $82,953
Population Growth Rate: 1.2% annually
Key Industries: Government, Retail, Education, Healthcare
Why It’s Rising:
Laurel, Maryland, strategically situated between Washington D.C. and Baltimore, is rapidly gaining recognition as a prime location for commercial real estate investment. With a population of approximately 30,000 within the city proper, and significantly more in the surrounding metropolitan area, Laurel is benefiting from a wave of new developments, particularly in the retail and mixed-use sectors. The city’s diverse economy, combined with its excellent transportation links, is attracting businesses and residents alike, making Laurel an increasingly desirable place to live and work.
Population Growth and Economic Indicators
Laurel’s population has steadily grown, reflecting its increasing appeal as a commuter-friendly city with strong economic potential. The city’s strategic location along major transportation corridors, including Interstate 95 and the Baltimore-Washington Parkway (Route 295), makes it an ideal base for those working in either Washington D.C. or Baltimore. This location has contributed to steady population growth over the past few decades, as more people choose to live in Laurel for its convenient access to both major cities.
The economic health of Laurel is supported by a mix of public and private sector employment, with key industries including government services, retail, healthcare, and education. The median household income in Laurel is approximately $85,000, reflecting the city’s economic vitality and its residents’ relatively high earning power. This affluence supports a thriving local economy and drives demand for both commercial and residential real estate.
Real Estate Market Trends
Laurel’s real estate market is characterized by its dynamic mix of residential, commercial, and mixed-use developments. The median home price in Laurel is around $410,000 as of 2023, reflecting steady appreciation in property values over the past decade. This growth is fueled by the city’s strategic location, excellent schools, and ongoing investments in infrastructure and amenities.
The real estate market in Laurel is competitive, with homes typically selling within 30 to 40 days of listing, indicative of strong demand. The city’s appeal to commuters, combined with its diverse housing options and proximity to major employment centers, makes it a sought-after location for both first-time homebuyers and those looking to upgrade to larger homes.
Key Development Projects
Towne Centre at Laurel:
Overview: The Towne Centre at Laurel is a cornerstone of the city’s recent development boom. This project, which redeveloped the former Laurel Mall site, is a vibrant mixed-use community that blends retail, dining, and residential spaces into a cohesive, modern environment.
Impact: The Towne Centre at Laurel includes over 400,000 square feet of retail space, featuring major anchors like Harris Teeter and Regal Cinemas, along with a variety of dining options and boutique shops. The development also includes 435 luxury apartments, catering to the growing demand for high-quality housing in the area.
Investment: The total investment in the Towne Centre at Laurel is estimated at $130 million, making it one of the largest recent investments in the city. Developed by Greenberg Gibbons, the project has transformed the former mall site into a thriving community hub, attracting both residents and visitors.
Konterra Town Center:
Overview: The Konterra Town Center is a major mixed-use development project located just outside Laurel, spanning over 2,200 acres. This project is set to include a mix of residential, retail, and commercial spaces, designed to create a self-sustaining community that serves as a regional destination.
Impact: Konterra will feature over 1 million square feet of retail space, along with 500,000 square feet of office space and thousands of residential units. The project aims to attract a diverse range of businesses, from retail chains to tech startups, and will include ample green spaces and recreational areas.
Investment: The investment in the Konterra Town Center is projected to exceed $1 billion, reflecting the scale and ambition of this development. The project is being led by Konterra Realty LLC, a prominent developer with a long history of successful projects in the Washington D.C. metropolitan area.
Laurel Lakes Executive Park:
Overview: The Laurel Lakes Executive Park is a premier office development located near the city’s central business district. This development caters to both government agencies and private sector companies, offering modern office spaces in a convenient location.
Impact: The Executive Park includes 300,000 square feet of Class A office space, attracting tenants from various industries, including technology, finance, and professional services. Its proximity to major highways and public transit options makes it an ideal location for businesses looking to establish a presence in the region.
Developer: The project was developed by The Rappaport Companies, known for their expertise in commercial real estate and their commitment to creating high-quality business environments.
Key Opportunities in Laurel
Retail and Mixed-Use Developments:
Overview: Laurel’s ongoing development boom is creating significant opportunities for retail and mixed-use projects. The city’s growing population and strong economy support the development of new retail centers that combine shopping, dining, and entertainment in one location.
Example: The Towne Centre at Laurel serves as a model for future developments, demonstrating the success of mixed-use spaces that cater to the needs of both residents and visitors.
Impact: These developments will enhance Laurel’s appeal as a retail destination, attracting shoppers from across the region and supporting the city’s economic growth.
Office Spaces Targeting Government and Private Sectors:
Overview: Laurel’s strategic location between Washington D.C. and Baltimore makes it an attractive location for office developments targeting both government agencies and private sector companies. The city’s excellent transportation links and proximity to major government centers support the demand for high-quality office space.
Example: Laurel Lakes Executive Park is a prime example of how the city is catering to the needs of businesses looking for convenient, well-equipped office environments.
Impact: The development of new office spaces will attract businesses to Laurel, create jobs, and contribute to the city’s long-term economic stability.
Residential Projects Appealing to Commuters:
Overview: Laurel’s appeal to commuters is driving demand for residential developments that offer convenient access to both Washington D.C. and Baltimore. The city’s diverse housing options and family-friendly environment make it an attractive choice for professionals and families alike.
Example: New residential communities in and around Laurel are being designed to meet the needs of commuters, offering a mix of single-family homes, townhouses, and apartments.
Impact: These residential projects will accommodate the city’s growing population, enhance its appeal to new residents, and support the continued growth of the local real estate market.
Conclusion
Laurel is rapidly establishing itself as a key player in Maryland’s commercial and residential real estate markets. With a strategic location, strong economic indicators, and a wave of new developments, the city is well-positioned for continued growth. Key opportunities in retail, mixed-use developments, office spaces, and residential projects are driving Laurel’s transformation into a vibrant, thriving community that offers the best of suburban living with the convenience of city access.
As Laurel continues to evolve, it remains an attractive destination for families, businesses, and investors alike. The city’s ongoing development reflects its commitment to fostering a strong economy while maintaining its unique character, making Laurel a key destination in the Washington-Baltimore corridor.
6. Westminster
Population: 19,054 (2023 estimate)
Median Age: 36.9 years
Median Household Income: $70,123
Population Growth Rate: 0.8% annually
Key Industries: Education, Manufacturing, Retail
Why It’s Rising:
Westminster, a charming city in Carroll County, Maryland, is rapidly emerging as a key player in the state’s commercial real estate market. Known for its strategic location and strong sense of community, Westminster is experiencing a resurgence in its downtown area, with significant new developments focusing on retail, office, and residential spaces which makes it apart of the top 10 rising cities in Maryland. The city’s blend of small-town ambiance and growth potential is attracting a diverse range of investors and developers eager to tap into a market on the rise.
Population Growth and Economic Indicators
Westminster’s population has remained stable at around 19,000, but the broader Carroll County area has seen consistent growth, reflecting the city’s increasing appeal as a suburban community with easy access to Baltimore and Washington D.C. The city’s median household income is approximately $85,000, which is higher than the national average, underscoring the economic vitality of the area. This affluence supports a robust local economy, particularly in retail and professional services, making Westminster an attractive destination for both residents and businesses.
Real Estate Market Trends
The real estate market in Westminster is characterized by its diversity and growth potential. The median home price in Westminster is around $375,000 as of 2023, reflecting steady appreciation over the past decade. This growth is driven by the city’s desirability as a place to live, with excellent schools, a low crime rate, and a strong community spirit. The real estate market in Westminster is competitive, with homes typically selling within 40 to 50 days of listing, indicative of the strong demand for housing in the area.
Key Development Projects
Westminster Technology Park:
Overview: The Westminster Technology Park is a major business and industrial park that has become a focal point for economic development in the city. Developed by St. John Properties, the park is designed to attract companies in manufacturing, technology, and professional services.
Impact: The Technology Park spans over 50 acres and offers 500,000 square feet of office, flex, and warehouse space. It has successfully attracted a range of tenants, including tech startups and established manufacturing firms, contributing to the city’s economic growth and job creation.
Investment: The total investment in the Westminster Technology Park is estimated at $75 million, highlighting the significant commitment to developing this area into a premier business hub in Carroll County.
Downtown Westminster Revitalization:
Overview: Westminster’s downtown area is undergoing a revitalization, driven by both public and private investments aimed at enhancing the city’s historic charm while introducing modern amenities. The revitalization includes the development of new retail and office spaces, as well as residential units.
Impact: Key projects include the redevelopment of historic buildings into mixed-use spaces that blend retail, office, and residential elements. These projects are designed to attract new businesses and residents to the downtown area, boosting the local economy and enhancing the city’s appeal.
Example: One notable project is the Locust Lane Redevelopment, spearheaded by Conifer Realty, LLC. This project involves the creation of 120,000 square feet of mixed-use space, including 80,000 square feet of retail and office space, and 40 residential units. The investment in this project is estimated at $35 million.
Westminster Gateway Project:
Overview: The Westminster Gateway Project is a transformative development designed to create a new entry point to the city, integrating commercial, residential, and recreational spaces. The project aims to enhance the city’s connectivity and provide a welcoming environment for both residents and visitors.
Impact: The Gateway Project will include 150,000 square feet of commercial space, featuring retail shops, restaurants, and office buildings, as well as 200 residential units. The project also incorporates green spaces and pedestrian pathways, promoting walkability and community engagement. The total investment in the Westminster Gateway Project is projected to be $50 million.
Developer: This ambitious project is being developed by Greenberg Gibbons, a well-known developer with a history of successful mixed-use projects in Maryland.
Key Opportunities in Westminster
Downtown Retail and Office Spaces:
Overview: Westminster’s downtown area is ripe for development, with opportunities to create new retail and office spaces that cater to the growing population and business community. The city’s revitalization efforts are focused on enhancing its historic charm while introducing modern conveniences.
Example: The Locust Lane Redevelopment is a prime example of how historic properties can be transformed into vibrant mixed-use spaces, offering both commercial and residential opportunities.
Impact: These developments will attract new businesses to the area, create jobs, and provide a boost to the local economy, while also preserving the city’s unique character.
Residential Developments in Close-Knit Communities:
Overview: Westminster’s appeal as a suburban community is driving demand for new residential developments that offer high-quality housing in a close-knit, family-friendly environment. The city’s excellent schools and safe neighborhoods make it an ideal location for families.
Example: New residential communities are being developed on the outskirts of the city, offering a mix of single-family homes, townhouses, and apartments. These developments are designed to meet the needs of a growing population and provide affordable housing options.
Impact: The expansion of residential areas will accommodate the city’s population growth, attract new residents, and contribute to the city’s overall economic development.
Mixed-Use Projects Catering to a Growing Population:
Overview: The trend toward mixed-use developments is gaining traction in Westminster, with projects that combine residential, commercial, and recreational spaces to create vibrant, self-contained communities. These developments are designed to meet the needs of a growing population while promoting walkability and community engagement.
Example: The Westminster Gateway Project exemplifies the potential of mixed-use developments to transform the city’s landscape, offering a blend of retail, office, and residential spaces in a single, cohesive environment.
Impact: Mixed-use developments will enhance Westminster’s livability, attract new businesses, and provide residents with convenient access to amenities, all while supporting the city’s long-term growth and sustainability.
Conclusion
Westminster is positioning itself as a rising star in Maryland’s commercial and residential real estate markets. With a blend of small-town charm and strategic growth opportunities, the city is attracting significant investment in both its downtown area and surrounding communities. Key opportunities in retail, office, and residential developments are driving Westminster’s transformation into a vibrant, thriving hub that offers the best of suburban living with the convenience of modern amenities.
As Westminster continues to grow and evolve, it remains well-positioned to attract further investment and development, ensuring its status as a desirable destination for families, businesses, and investors alike. The city’s ongoing expansion reflects its commitment to maintaining its unique character while embracing the opportunities that come with growth, making Westminster a key player in Maryland’s real estate market.
5. Bel Air
Population: 10,402 (2023 estimate)
Median Age: 41.2 years
Median Household Income: $82,825
Population Growth Rate: 0.7% annually
Key Industries: Healthcare, Education, Retail
Why It’s Rising:
Bel Air, the county seat of Harford County, Maryland, is experiencing significant growth, blending its small-town charm with the conveniences of modern living. This picturesque town, known for its welcoming community and historic downtown, has become an increasingly attractive location for both commercial and residential real estate. While the town proper has a population of around 10,000, the surrounding Bel Air South and North areas expand the local population to over 60,000, driving demand for a variety of real estate developments.
Population Growth and Economic Indicators
Bel Air’s population growth is reflective of its rising status as a desirable suburban community. Over the past few decades, the town and its surrounding areas have seen a steady increase in residents, with the broader Bel Air South and North areas now home to more than 60,000 people. This growth is supported by the town’s strategic location within commuting distance of Baltimore and Wilmington, making it an ideal location for families and professionals seeking a balance between small-town life and urban accessibility.
Economically, Bel Air is thriving, with a median household income of approximately $95,000, significantly higher than the national average. This affluence is indicative of the town’s strong local economy, which is bolstered by a mix of government services, retail, healthcare, and professional services. The town’s economic health supports a robust demand for both commercial and residential real estate, attracting developers and investors eager to capitalize on its growth.
Real Estate Market Trends
Bel Air’s real estate market is characterized by its diversity, offering opportunities ranging from residential developments to commercial projects. The median home price in the Bel Air area has steadily increased, with current estimates placing it around $420,000 as of 2023. This represents significant growth from previous years, driven by the town’s increasing desirability and limited housing inventory.
The housing market in Bel Air is competitive, with a relatively low number of active listings at any given time. As of mid-2023, the average home listing stays on the market for just 35 to 45 days, reflecting the high demand for properties in this area. The town’s appeal is further enhanced by its excellent school system, safe neighborhoods, and expanding retail and recreational amenities, making it a prime location for suburban families.
Key Development Projects
The Boulevard at Box Hill:
Overview: The Boulevard at Box Hill is a major commercial development that has significantly contributed to Bel Air’s growth. This mixed-use retail center includes a blend of national retailers, such as Wegmans and Target, along with local businesses, offering a comprehensive shopping experience for residents of Bel Air and the surrounding areas.
Impact: The development has become a commercial hub, drawing shoppers from across Harford County and beyond. It has also spurred additional growth in nearby residential developments, further cementing Bel Air’s status as a key retail destination.
Route 24 Improvements:
Overview: The completion of improvements to Route 24 has been a catalyst for growth in Bel Air, improving traffic flow and accessibility to key commercial and residential areas. This infrastructure development has made the town more attractive to businesses looking for convenient locations with easy access to major highways.
Impact: These improvements have facilitated the development of new office spaces and retail centers along the Route 24 corridor, supporting the town’s continued economic expansion and enhancing its appeal to commuters and local businesses alike.
Bel Air Town Center:
Overview: The Bel Air Town Center is a vibrant retail and office complex that serves as a focal point for the town’s downtown area. The center includes a mix of retail stores, restaurants, and professional services, offering a convenient destination for both shopping and business.
Impact: The Town Center has strengthened Bel Air’s downtown area, attracting both local residents and visitors, and contributing to the town’s reputation as a thriving small-town community with big-city amenities.
Key Opportunities in Bel Air
Retail Centers and Office Spaces:
Overview: The continued growth of Bel Air’s population and its increasing affluence are driving demand for additional retail centers and office spaces. Developments like the Boulevard at Box Hill highlight the town’s potential as a regional shopping destination, while new office spaces cater to local businesses and professionals.
Example: Future expansions along the Route 24 corridor are expected to include more retail outlets and office buildings, providing opportunities for businesses looking to establish a presence in one of Harford County’s most desirable locations.
Impact: The development of these commercial spaces will not only meet the needs of the growing population but also enhance the town’s economic base by attracting new businesses and creating jobs.
Residential Developments Targeting Suburban Families:
Overview: Bel Air’s appeal to suburban families continues to drive demand for high-quality residential developments. The town offers a mix of single-family homes, townhouses, and apartment complexes, catering to a wide range of housing needs.
Example: New subdivisions and residential communities are being developed to accommodate the influx of families seeking the town’s excellent schools, safe neighborhoods, and close-knit community atmosphere.
Impact: These residential developments will provide much-needed housing for the growing population, contributing to the town’s sustained growth and vitality.
Mixed-Use Projects Combining Commercial and Residential Elements:
Overview: The trend toward mixed-use developments is gaining momentum in Bel Air, reflecting a broader shift toward creating integrated communities where residents can live, work, and shop in close proximity. These projects combine residential units with retail and office spaces, offering convenience and fostering a sense of community.
Example: The Boulevard at Box Hill serves as a model for future mixed-use projects, successfully integrating retail with nearby residential developments and setting the stage for similar projects throughout the town.
Impact: Mixed-use developments will play a key role in Bel Air’s future growth, providing attractive options for residents while supporting the town’s economic development and enhancing its overall livability.
Conclusion
Bel Air, with its unique blend of small-town charm and modern amenities, is rapidly becoming one of Harford County’s most sought-after locations for both residential and commercial real estate. The town’s steady population growth, rising household incomes, and robust real estate market create a favorable environment for investment and development. Key opportunities in retail centers, office spaces, residential developments, and mixed-use projects are driving Bel Air’s transformation into a vibrant, thriving community that offers the best of suburban living.
As Bel Air continues to grow and evolve, it is well-positioned to attract further investment and development, ensuring that it remains a desirable destination for families, businesses, and investors alike. The town’s ongoing expansion and modernization efforts reflect its commitment to maintaining its unique character while embracing the opportunities that come with growth.
4. Annapolis
Population: 39,278 (2023 estimate)
Median Age: 38.2 years
Median Household Income: $85,636
Population Growth Rate: 0.9% annually
Key Industries: Government, Tourism, Retail
Why It’s Rising:
Annapolis, Maryland’s capital, is experiencing a significant transformation that combines its rich historical heritage with modern development, making it an increasingly attractive location for commercial real estate investment. The city, known for its picturesque waterfront, colonial architecture, and vibrant cultural scene, is seeing a surge in mixed-use developments that are revitalizing its downtown and waterfront areas. These developments are enhancing Annapolis’s appeal not only to residents but also to tourists and investors. With its strategic location near Washington D.C. and Baltimore, alongside a thriving tourism industry, Annapolis is emerging as a top choice for those looking to invest in real estate.
Population Growth and Economic Indicators
Annapolis has experienced steady population growth over the past few decades, reflecting its growing popularity as both a residential and commercial hub. The city’s population has increased from approximately 33,000 in the 1990s to around 40,000 today, marking a growth rate of about 21%. This trend highlights the city’s appeal, driven by a strong local economy, high quality of life, and a desirable location on the Chesapeake Bay.
Economically, Annapolis is robust, with a diverse mix of government services, tourism, maritime industries, and education driving its growth. The median household income in Annapolis is approximately $102,000 as of 2023, well above the national average, reflecting the affluence of the area. This economic prosperity supports a thriving retail and service economy, attracting high-end businesses and further boosting the city’s real estate market.
Real Estate Market Trends
Annapolis’s real estate market has seen significant growth, particularly in the past decade. The median home price in the city has risen to approximately $560,000 in 2023, up from around $390,000 ten years ago—a nearly 44% increase. This rise in home prices is indicative of the strong demand for residential properties in Annapolis, fueled by its historic charm, waterfront views, and proximity to major metropolitan areas.
The real estate market in Annapolis is characterized by a low inventory of available homes, with an average of about 300 active listings at any given time. This tight supply has contributed to a competitive market, where homes typically sell within 30 to 45 days of being listed. The high demand for both residential and commercial properties underscores the city’s growing appeal to investors and homebuyers alike.
Key Development Projects
Annapolis Towne Centre:
Overview: Annapolis Towne Centre is a premier mixed-use development that has become a focal point for the city’s growth. This project includes luxury apartments, over 500,000 square feet of retail space, and a variety of dining options, making it a central hub for both residents and visitors.
Impact: The development has revitalized a significant area of Annapolis, attracting national retailers and upscale restaurants, and contributing to the city’s reputation as a desirable place to live and shop. It has also enhanced the city’s economic base by creating jobs and attracting tourists.
Graduate Annapolis:
Overview: The Graduate Annapolis hotel is part of a national boutique chain that focuses on university towns, offering a blend of modern amenities and historic charm. Located near the U.S. Naval Academy, this hotel has become a popular destination for both tourists and visiting families.
Impact: The success of Graduate Annapolis reflects the city’s strong tourism industry, which supports a wide range of businesses, including hotels, restaurants, and retail shops. This project highlights the ongoing demand for boutique accommodations and upscale retail spaces in Annapolis.
Governor’s Bridge Professional Park:
Overview: Governor’s Bridge Professional Park is an office complex designed to meet the needs of businesses that work closely with state government. Offering 100,000 square feet of office space, it is strategically located near the Maryland State House, making it an ideal location for law firms, lobbying groups, and other government-related businesses.
Impact: This development has strengthened Annapolis’s role as a center for government-related activities, providing modern office spaces that support the city’s professional community and contribute to its economic growth.
Key Opportunities in Annapolis
Mixed-Use Waterfront Developments:
Overview: Annapolis’s waterfront is one of its most valuable assets, and the city is seeing a surge in mixed-use developments that capitalize on this prime real estate. These projects blend luxury residential units with retail and dining spaces, creating vibrant, self-contained communities that attract both residents and tourists.
Example: Annapolis Towne Centre serves as a successful example of this trend, with its mix of residential, retail, and dining options drawing people from across the region.
Impact: These developments are not only revitalizing the waterfront but also driving economic growth by attracting investment and increasing property values.
Boutique Hotels and Retail Spaces Targeting Tourists:
Overview: Tourism is a cornerstone of Annapolis’s economy, and there is growing demand for boutique hotels and upscale retail spaces that cater to the city’s many visitors. The historic downtown area, with its cobblestone streets and colonial-era buildings, is particularly appealing for such developments.
Example: The Graduate Annapolis hotel exemplifies how well-designed boutique accommodations can thrive in the city’s tourism-driven market.
Impact: The continued development of boutique hotels and retail spaces will enhance the visitor experience and encourage longer stays, thereby boosting the local economy.
Office Spaces for Government-Related Businesses:
Overview: As the capital of Maryland, Annapolis hosts numerous government offices and related businesses, creating a consistent demand for office space. These businesses require modern, strategically located office environments to support their operations.
Example: Governor’s Bridge Professional Park is a prime example of a development that caters specifically to government-related businesses, offering proximity to key government buildings and modern office amenities.
Impact: The demand for such office spaces is expected to remain strong, particularly as government functions and associated industries continue to grow in Annapolis.
Conclusion
Annapolis is seamlessly blending its historic charm with modern development, making it one of the most promising locations for commercial real estate investment in Maryland. The city’s steady population growth, strong economic indicators, and thriving real estate market reflect its ongoing appeal to both residents and investors. With key opportunities in mixed-use waterfront developments, boutique hotels, retail spaces, and office environments tailored for government-related businesses, Annapolis is well-positioned for continued growth and prosperity.
As Annapolis continues to develop, particularly in its downtown and waterfront areas, the opportunities for investors and developers will only expand, ensuring that the city remains a top destination in the Baltimore-Washington corridor for years to come.
3. Towson
Population: 59,740 (2023 estimate)
Median Age: 34.5 years
Median Household Income: $87,002
Population Growth Rate: 1.0% annually
Key Industries: Education, Healthcare, Retail
Why It’s Rising:
Towson, Maryland, the county seat of Baltimore County, is undergoing a significant transformation, driven by a major urban revitalization effort that has positioned it as a hotspot for commercial real estate development. With a population of approximately 58,000, Towson is the largest unincorporated community in Maryland and one of the most dynamic suburban areas in the Baltimore-Washington metropolitan region.
Towson's Urban Revitalization
Towson is in the midst of a renaissance, fueled by a series of high-profile development projects that are reshaping its downtown core and enhancing its appeal as both a business and residential destination. At the forefront of this transformation is the $350 million Towson Row project—a landmark mixed-use development that symbolizes the town's growth and modernization. Towson Row is set to include luxury apartments, retail space, office buildings, and a hotel, creating a vibrant, self-contained community within the heart of Towson. This development reflects broader trends in urban planning that prioritize mixed-use spaces designed to foster walkability, convenience, and community engagement.
Economic and Demographic Growth
Towson's economy has experienced robust growth in recent years, bolstered by its strategic position as the administrative and commercial center of Baltimore County. The town serves as a hub for government offices, legal services, and educational institutions, which collectively drive demand for office space and professional services. The median household income in Towson is approximately $80,000, reflecting the affluence of the area and its appeal to both young professionals and established families.
The presence of Towson University, the second-largest public university in Maryland with an enrollment of over 22,000 students, further accelerates Towson's economic and demographic growth. The university is a critical driver of demand for student housing, retail, and entertainment options, contributing significantly to the local economy. As the university continues to expand, it creates ongoing opportunities for developers and investors to meet the needs of a growing student population.
Key Development Projects
Towson Row:
Overview: Towson Row is a transformative $350 million mixed-use project that exemplifies the urban revitalization underway in Towson. Spanning five acres, the development includes 200,000 square feet of retail space, 150,000 square feet of office space, a luxury hotel, and more than 1,000 residential units, including apartments and student housing.
Details: The project is designed to integrate seamlessly with Towson’s existing infrastructure, offering amenities that cater to both residents and visitors. The luxury hotel will cater to business travelers and university visitors, while the retail spaces are expected to host a mix of national brands and local boutiques, contributing to Towson's growing reputation as a shopping and dining destination.
Impact: Towson Row is anticipated to generate thousands of jobs during and after construction and is expected to attract significant foot traffic to the downtown area, further boosting the local economy.
Circle East:
Overview: The Circle East project is another key development in Towson’s downtown revitalization efforts. It involves the redevelopment of the historic Towson Circle area into a modern mixed-use space that includes retail stores, dining options, and residential units.
Details: The project aims to blend Towson's historic charm with contemporary amenities, offering 240,000 square feet of retail space and 370 luxury apartments. Key tenants include popular retail chains and high-end restaurants, which are expected to draw both local residents and visitors.
Impact: Circle East enhances Towson's walkability and contributes to the town's appeal as a live-work-play community, making it a more attractive destination for young professionals and empty nesters.
Altus Towson Row:
Overview: Part of the Towson Row development, Altus Towson Row is a high-rise residential project catering primarily to Towson University students and young professionals. It offers 720 beds across 213 units, along with amenities such as a fitness center, study lounges, and rooftop terraces.
Impact: Altus Towson Row addresses the growing demand for student housing while also providing high-quality accommodations for young professionals. Its strategic location near the university and downtown Towson makes it a prime example of the kind of integrated, mixed-use development that is driving Towson's growth.
Key Opportunities in Towson
Office and Retail Spaces in Downtown Towson:
Overview: The revitalization of downtown Towson has created significant opportunities for office and retail spaces, particularly in mixed-use developments like Towson Row and Circle East. These spaces cater to a diverse range of businesses, from professional services firms to retail outlets and restaurants.
Details: The new office spaces are designed to meet the needs of modern businesses, offering flexible floor plans, high-speed internet, and access to amenities. Retail spaces are strategically located to attract foot traffic from both residents and visitors, with a focus on creating a vibrant, pedestrian-friendly environment.
Example: Towson Row’s 150,000 square feet of office space is expected to attract a variety of tenants, including law firms, tech startups, and healthcare providers, capitalizing on Towson’s status as the county seat and its proximity to Baltimore.
Student Housing and Mixed-Use Developments:
Overview: Towson University’s expansion continues to drive demand for student housing, creating opportunities for mixed-use developments that integrate residential, commercial, and educational spaces.
Details: New developments like Altus Towson Row are specifically designed to meet the needs of students, offering a range of amenities and conveniences that appeal to this demographic. Mixed-use projects that combine housing with retail and dining options are particularly successful in catering to students' needs for convenience and social engagement.
Impact: These developments not only provide much-needed housing for students but also contribute to the local economy by supporting retail and service businesses that cater to the student population.
High-Rise Residential Projects:
Overview: The trend toward urban living has led to an increase in high-rise residential projects in Towson, catering to young professionals, empty nesters, and university staff.
Details: High-rise developments offer luxury living spaces with modern amenities, such as rooftop pools, fitness centers, and concierge services. These projects are often located in close proximity to downtown Towson's retail and dining options, enhancing the appeal of urban living.
Example: Altus Towson Row is a prime example of this trend, offering high-end accommodations in a mixed-use setting that appeals to both students and young professionals. The project’s success highlights the demand for high-density residential developments in Towson’s increasingly urban environment.
2. Owings Mills
Population: 35,674 (2023 estimate)
Median Age: 34.0 years
Median Household Income: $82,734
Population Growth Rate: 1.4% annually
Key Industries: Retail, Education, Technology
Why It’s Rising:
Owings Mills, Maryland, has rapidly transformed from a quiet suburban area into one of the state’s most dynamic commercial hubs. Over the past two decades, the population of Owings Mills has grown steadily, reflecting the area’s increasing attractiveness as both a residential and commercial destination. The town’s median household income has also seen significant growth, rising to approximately $85,000 as of 2023, which is higher than both the state and national averages, indicating a prosperous community with strong economic foundations.
The Metro Centre at Owings Mills, a mixed-use transit-oriented development, has become the focal point for the area’s growth, offering over 1.2 million square feet of office space, 1,700 residential units, and 300,000 square feet of retail space. This development, combined with the presence of major companies like T. Rowe Price, which employs over 4,000 people in the area, has positioned Owings Mills as a prime destination for both businesses and investors. The area’s office vacancy rate has dropped to below 5%, signaling strong demand for commercial space.
Additionally, the continued expansion of shopping centers, such as the Foundry Row retail complex, which adds over 500,000 square feet of retail space, highlights the area's commercial potential. Foundry Row has become a key retail destination, anchored by major tenants like Wegmans and LA Fitness, and attracts thousands of shoppers from the surrounding region.
Owings Mills' strategic location in Baltimore County, just northwest of Baltimore City, along with its excellent transportation links—including direct access to I-795 and proximity to the Baltimore Metro Subway—further enhances its appeal. These factors, combined with ongoing development projects and a strong local economy, make Owings Mills a prime destination for investors and businesses looking to capitalize on the region’s growth.
Key Opportunities:
Corporate office spaces
Owings Mills is a prime location for corporate office spaces, due to its strong infrastructure, strategic location, and vibrant business environment. Situated just northwest of Baltimore, Owings Mills benefits from its proximity to the city while offering a more suburban setting that appeals to both businesses and employees. This blend of accessibility and a high quality of life has made Owings Mills a sought-after destination for corporate offices, attracting major companies and fostering a growing business district.
Strategic Location and Infrastructure:
Owings Mills is strategically located along major transportation routes, including Interstate 795 and Interstate 695 (the Baltimore Beltway), providing direct and efficient access to Baltimore, Washington D.C., and other key markets in the Mid-Atlantic region. The Baltimore Metro Subway extension to Owings Mills enhances this connectivity, offering convenient public transit options for employees commuting from Baltimore City and surrounding areas. This accessibility is a significant advantage for companies looking to attract top talent from a broad geographic area.
In addition to its transportation infrastructure, Owings Mills is equipped with modern utilities, high-speed internet, and advanced telecommunications networks, all of which are essential for supporting the needs of corporate offices. The area is also served by a robust power grid and has access to sustainable energy options, which is increasingly important to companies focused on corporate social responsibility and sustainability.
Corporate Presence and Business District Growth:
Owings Mills’ business district has seen substantial growth over the past two decades, largely driven by the establishment of significant office presences by major companies like T. Rowe Price and CareFirst BlueCross BlueShield.
T. Rowe Price, a global investment management firm, operates a large corporate campus in Owings Mills, employing over 4,000 people. This facility serves as a major hub for the company’s operations, including investment management, client services, and corporate functions. The presence of T. Rowe Price has not only anchored the local economy but has also attracted a range of related businesses, such as financial services firms, law firms, and consulting companies.
CareFirst BlueCross BlueShield, one of the largest health insurers in the Mid-Atlantic region, also has a significant office presence in Owings Mills. The company employs approximately 2,500 people at its Owings Mills campus, making it one of the area's largest employers. The operations at this location focus on customer service, claims processing, and administrative functions. CareFirst’s decision to establish a major office in Owings Mills reflects the area’s appeal as a business-friendly environment with a skilled labor pool.
The growth of these and other corporate entities has catalyzed the development of additional office spaces, creating a thriving business district that continues to expand. The Metro Centre at Owings Mills, for example, offers over 1.2 million square feet of Class A office space, catering to a diverse range of companies from large corporations to small and mid-sized enterprises (SMEs). This development is part of a broader trend toward mixed-use projects that integrate office, residential, and retail spaces, creating vibrant, self-sustaining communities.
Business Environment and Workforce:
The business environment in Owings Mills is bolstered by a combination of favorable economic conditions, a supportive local government, and a well-educated workforce. The area's median household income is approximately $85,000, reflecting the affluence of the community and the high earning potential of the jobs available in the local market. This economic stability makes Owings Mills an attractive location for companies looking to establish a presence in a prosperous and growing region.
Furthermore, Owings Mills benefits from a highly educated workforce, with nearly 40% of residents holding a bachelor’s degree or higher. The local education system, including institutions like the Community College of Baltimore County (CCBC) Owings Mills Extension, plays a critical role in developing the skills needed by local employers. These institutions offer specialized training programs and continuing education opportunities that help to ensure a steady pipeline of qualified talent for businesses in the area.
Future Outlook:
Looking to the future, Owings Mills is well-positioned to continue its growth as a prime location for corporate office spaces. The area’s strong infrastructure, strategic location, and ongoing development projects make it an attractive destination for both established corporations and emerging businesses. With plans for further expansions in the business district and mixed-use developments, Owings Mills is set to remain a key player in the Baltimore-Washington corridor’s commercial real estate market.
Notable Example:
The Metro Centre at Owings Mills:
The Metro Centre at Owings Mills is one of the most significant and ambitious mixed-use developments in the Baltimore-Washington metropolitan area, playing a pivotal role in the transformation of Owings Mills into a vibrant commercial hub. This development is a cornerstone of the area’s business district, offering state-of-the-art office spaces that cater to a diverse range of businesses, from large corporations to smaller enterprises and startups.
Office Space Overview:
The Metro Centre at Owings Mills features an impressive 1.2 million square feet of Class A office space, making it one of the largest office developments in the region. This expansive office space is spread across multiple buildings, each designed to provide modern, flexible work environments that meet the needs of today’s businesses. The office spaces range in size, offering both large floorplates for major corporations and smaller, customizable spaces for growing companies and startups.
Design and Amenities:
The design of the Metro Centre emphasizes both functionality and aesthetics, with buildings featuring sleek, contemporary architecture, ample natural light, and energy-efficient systems. The interiors are equipped with the latest technology, including high-speed internet and advanced telecommunications infrastructure, which are essential for businesses in today’s fast-paced, connected world.
In addition to the high-quality office spaces, the Metro Centre offers a range of amenities that enhance the work environment. These include on-site dining options, fitness centers, and retail outlets, all designed to support the daily needs of employees. The development also features extensive parking facilities, including covered parking, which adds to the convenience for both employees and visitors.
Accessibility and Connectivity:
One of the standout features of the Metro Centre at Owings Mills is its unparalleled accessibility. The development is directly connected to the Owings Mills Metro Station, which provides seamless public transit access to downtown Baltimore and other parts of the region via the Baltimore Metro Subway. This direct connection to public transit makes it an attractive location for businesses whose employees commute from various parts of the Baltimore metropolitan area.
Additionally, the Metro Centre is strategically located near major highways, including Interstate 795 and Interstate 695, allowing for easy access by car from surrounding suburbs and cities. This prime location ensures that businesses at the Metro Centre are well-connected to key markets and resources throughout the Mid-Atlantic region.
A Hub for Diverse Businesses:
The office spaces at the Metro Centre cater to a wide range of industries, including finance, healthcare, technology, and professional services. Large corporations like T. Rowe Price have established significant presences within the development, drawn by the high-quality office environment and strategic location. At the same time, the Metro Centre’s flexible office spaces and collaborative environment make it an ideal setting for smaller enterprises and startups, which benefit from being in close proximity to larger companies and the amenities offered by the mixed-use development.
The presence of Baltimore County’s largest public library branch and a campus of the Community College of Baltimore County (CCBC) within the Metro Centre further adds to its appeal, providing access to educational resources and fostering a sense of community among businesses and residents alike.
Impact on the Region:
The Metro Centre at Owings Mills has not only transformed the local landscape but has also had a significant economic impact on the region. By attracting businesses of all sizes, the development has created thousands of jobs and contributed to the growth of the local economy. The integrated nature of the Metro Centre, which combines office, residential, retail, and educational spaces, has made it a model for modern, sustainable urban development.
As Owings Mills continues to grow and attract new businesses, the Metro Centre is set to play a central role in the area’s future. Its combination of high-quality office space, strategic location, and comprehensive amenities make it a premier destination for businesses looking to thrive in the Baltimore-Washington corridor.
Retail centers and entertainment complexes
Owings Mills has rapidly evolved into a major retail and entertainment hub for the Baltimore-Washington metropolitan area. The community's strategic location, growing population, and strong infrastructure have attracted significant investment in retail developments, transforming the area into a vibrant destination for shopping, dining, and entertainment. Two of the most notable developments—Foundry Row and Mill Station—have played pivotal roles in this transformation, offering a diverse mix of retail space, dining options, and entertainment venues that draw both residents and visitors from the surrounding region.
Notable Example: Foundry Row
Location: Reisterstown Road, Owings Mills, MD
Size: 50 acres
Retail Space: Over 500,000 square feet
Developers: Greenberg Gibbons and Vanguard Realty Group
Foundry Row is a flagship retail development in Owings Mills, located on the site of the former Solo Cup manufacturing plant. The project was spearheaded by Greenberg Gibbons, a leading developer known for creating high-quality retail and mixed-use properties, in partnership with Vanguard Realty Group. Foundry Row is a 50-acre, open-air shopping center that features over 500,000 square feet of retail space. The development is anchored by Wegmans, a popular supermarket chain known for its extensive selection of fresh produce and prepared foods, which serves as a significant draw for shoppers from across the region.
In addition to Wegmans, Foundry Row hosts a variety of other national and local retailers, including LA Fitness, DICK'S Sporting Goods, Ulta Beauty, and HomeGoods. The retail center also features several dining options, ranging from fast-casual eateries like Panera Bread and Mission BBQ to sit-down restaurants like Bar Louie. The mix of retail and dining options, combined with ample parking and pedestrian-friendly design, makes Foundry Row a destination for residents and visitors alike.
Notable Example: Mill Station
Location: Red Run Boulevard, Owings Mills, MD
Size: 44 acres
Retail Space: Over 620,000 square feet
Developer: Kimco Realty
Mill Station is another transformative retail development in Owings Mills, developed by Kimco Realty, one of the largest publicly traded owners and operators of open-air shopping centers in North America. Mill Station was built on the site of the former Owings Mills Mall, which had struggled with declining foot traffic and store closures in the years leading up to its demolition. Kimco Realty recognized the potential of the site and embarked on a complete redevelopment to create a modern, vibrant shopping and entertainment destination.
Mill Station offers over 620,000 square feet of retail and entertainment space, featuring a mix of big-box retailers, specialty stores, and dining establishments. Key tenants include Costco, Lowe's, AMC Theatres, Burlington, and Marshall's. The inclusion of an AMC movie theater adds an entertainment component that complements the shopping experience, making Mill Station a comprehensive destination for both day-to-day needs and leisure activities.
The redevelopment of Mill Station has revitalized a key commercial area in Owings Mills, bringing new life to the site of the former mall and attracting a steady flow of visitors. The development's design emphasizes accessibility and convenience, with ample parking, easy access from major roads, and pedestrian-friendly pathways that encourage foot traffic throughout the center.
Impact on the Region
Both Foundry Row and Mill Station have had a significant impact on the economic landscape of Owings Mills and the surrounding region. These developments have created hundreds of jobs, both during construction and in ongoing retail operations, contributing to the local economy. They have also increased the area's attractiveness as a residential community, as the availability of high-quality shopping and entertainment options is a key factor for many homebuyers and renters.
Furthermore, these retail centers have helped position Owings Mills as a regional destination, drawing visitors from neighboring areas who come to shop, dine, and enjoy entertainment. The success of Foundry Row and Mill Station underscores the ongoing transformation of Owings Mills into a thriving, mixed-use community that offers a balanced blend of residential, commercial, and recreational opportunities.
As Owings Mills continues to grow, additional retail and entertainment developments are likely to emerge, further solidifying the area's status as a premier destination within the Baltimore-Washington corridor.
Mixed-Use Developments in Owings Mills: Creating a Self-Sustaining Community
Overview: One of the most notable trends in Owings Mills is the rise of mixed-use developments that seamlessly integrate residential, office, and retail spaces. These developments are transforming Owings Mills from a traditional suburban area into a dynamic, cohesive, and vibrant community where residents can live, work, and shop all within the same area. By combining these elements, mixed-use developments contribute to the creation of self-sustaining communities that reduce the need for long commutes, support local businesses, and enhance the quality of life for residents.
These developments are particularly appealing in today’s market, where there is a growing demand for convenience and walkability. The rise of mixed-use projects reflects broader urban planning trends that prioritize accessibility, sustainability, and a more integrated lifestyle. In Owings Mills, these developments are not just reshaping the physical landscape but are also driving economic growth by attracting residents, businesses, and visitors to the area.
Notable Example: The Metro Centre at Owings Mills
Location: Owings Mills, MD
Size: 45 acres
Residential Units: 1,700
Office Space: 1.2 million square feet
Retail Space: 300,000 square feet
Developers: David S. Brown Enterprises
The Metro Centre at Owings Mills stands as a flagship example of successful mixed-use development in the region. Developed by David S. Brown Enterprises, this project is one of the largest transit-oriented developments in Maryland and a model for integrating residential, commercial, and retail spaces.
Residential Component:
The Metro Centre includes 1,700 residential units, offering a mix of luxury apartments, townhomes, and condos. These residences cater to a diverse population, including young professionals, families, and retirees. The development is designed to provide residents with the convenience of urban living in a suburban setting. Many of the residential units feature modern amenities such as fitness centers, rooftop terraces, and communal spaces that encourage a sense of community among residents.
The demand for housing at Metro Centre has remained strong, with occupancy rates consistently high. This is partly due to the development's strategic location near the Baltimore Metro Subway station, which offers direct access to downtown Baltimore, making it an attractive option for commuters who prefer to live outside the city but still want easy access to urban job centers.
Office Component:
Metro Centre's 1.2 million square feet of Class A office space has made it a key business hub in the Owings Mills area. The office spaces are designed to accommodate a variety of businesses, from large corporations to small and mid-sized enterprises (SMEs). The development’s proximity to public transit and major highways, such as I-795 and I-695, makes it an ideal location for businesses that need to stay connected to the broader Baltimore-Washington metropolitan area.
The office space at Metro Centre has attracted a range of tenants, including professional services firms, healthcare providers, and technology companies. The presence of these businesses has, in turn, created job opportunities for local residents and further boosted the area's economic growth.
Retail and Entertainment Component:
The Metro Centre also includes 300,000 square feet of retail space, which is home to a variety of shops, restaurants, and entertainment venues. This retail space is not just a convenience for residents but also a draw for visitors from surrounding areas. Retail tenants range from national chains to local boutiques, offering a diverse shopping experience. Dining options include everything from fast-casual eateries to upscale restaurants, catering to a wide range of tastes and preferences.
One of the standout features of the Metro Centre’s retail component is its ability to attract foot traffic, both from residents within the development and from the broader Owings Mills community. The development includes a large public library, part of the Baltimore County Public Library system, and a branch of the Community College of Baltimore County (CCBC). These institutions bring students, faculty, and community members into the area, creating a vibrant, bustling environment throughout the day and into the evening.
Economic and Community Impact:
The Metro Centre at Owings Mills has had a profound impact on the local economy and community. By integrating residential, office, and retail spaces, it has created a self-sustaining ecosystem where people can live, work, and play without leaving the area. This reduces traffic congestion, supports local businesses, and fosters a strong sense of community.
The development has also contributed to the economic vitality of Owings Mills, attracting investment, creating jobs, and driving up property values in the surrounding area. The success of the Metro Centre has set a precedent for future mixed-use developments in the region, highlighting the benefits of creating integrated communities that offer a balanced mix of residential, commercial, and recreational spaces.
Future Prospects:
As Owings Mills continues to grow, the success of the Metro Centre is likely to inspire similar mixed-use projects in the area. These developments will be key to meeting the needs of a growing population and ensuring that Owings Mills remains a desirable place to live, work, and visit. The trend towards mixed-use development reflects broader shifts in urban planning and real estate, where convenience, accessibility, and community are increasingly prioritized.
1. Frederick
Population: 81,498 (2023 estimate)
Median Age: 35.6 years
Median Household Income: $78,945
Population Growth Rate: 1.2% annually
Key Industries: Biotechnology, Healthcare, Manufacturing
Why It’s Rising:
Frederick is quickly establishing itself as one of Maryland’s most dynamic commercial real estate markets. This historic city has experienced significant population growth, expanding from approximately 52,000 residents in 2000 to over 82,000 today, reflecting a nearly 60% increase in just over two decades. This population boom is matched by a steady rise in median household income, which has grown from around $55,000 in 2000 to over $93,000 in 2023, showcasing the city’s increasing economic prosperity.
Frederick is seeing a surge in new developments, particularly in the biotech, healthcare, and logistics sectors. The city’s strategic location at the crossroads of major highways, such as I-70 and I-270, makes it an ideal hub for businesses looking to expand in the Mid-Atlantic region. Recent projects, including the Riverside Corporate Park—a major industrial and office space development—and expansions in the Frederick Health system, are further driving commercial growth. These developments underscore Frederick's role as a key player in Maryland's evolving economic landscape.
1. Employment Growth:
Statistics: Frederick County has seen a consistent rise in employment opportunities, with a growth rate of approximately 15% over the past decade. The county’s unemployment rate has also remained lower than the national average, currently hovering around 3.4% (as of 2023).
Impact: The increase in employment opportunities, particularly in high-paying sectors like biotechnology, healthcare, and technology, has bolstered the local economy and driven demand for commercial real estate, including office spaces and industrial facilities.
2. Gross Domestic Product (GDP) Growth:
Statistics: Frederick County’s GDP has grown significantly, with an increase of more than 25% over the past decade. The county’s economy is now valued at over $14 billion, with key contributions from sectors such as professional services, healthcare, and manufacturing.
Impact: This economic expansion has attracted both businesses and residents to the area, driving demand for commercial and residential developments.
3. Commercial Real Estate Vacancy Rates:
Statistics: Frederick’s commercial real estate market has experienced tightening vacancy rates, particularly in the industrial and office sectors. Industrial space vacancy rates have dropped to as low as 1.3%, while office space vacancies have declined to around 4.5%, reflecting strong demand for quality space.
Impact: Low vacancy rates signal a healthy demand for commercial properties, encouraging further development and investment in the region.
4. Median Home Prices:
Statistics: The median home price in Frederick has seen a steady rise, increasing by more than 40% over the past decade. As of 2023, the median home price in Frederick is around $450,000.
Impact: Rising home prices are indicative of a strong real estate market, which correlates with the city’s economic growth and attractiveness as a place to live and work.
5. Education and Workforce Development:
Statistics: Frederick is home to highly ranked public schools and several higher education institutions, including Hood College and Frederick Community College. The area’s educational attainment is high, with nearly 40% of residents holding a bachelor’s degree or higher.
Impact: A well-educated workforce is a significant draw for businesses, particularly in sectors like biotech and healthcare, which require specialized skills. This contributes to the city’s appeal as a location for corporate offices and research facilities.
6. Retail Sales Growth:
Statistics: Retail sales in Frederick have grown by more than 20% over the past decade, driven by an increase in population and household income. This growth has led to the development of new retail centers and mixed-use projects.
Impact: The rising retail sales indicate a strong consumer base, which supports the growth of retail spaces and mixed-use developments in the city.
7. Business Startups and Entrepreneurial Activity:
Statistics: Frederick has seen a rise in entrepreneurial activity, with the number of small businesses and startups increasing by nearly 30% over the past decade. The city’s business incubators, such as the Frederick Innovative Technology Center, Inc. (FITCI), have been instrumental in supporting this growth.
Impact: The increase in startups and small businesses contributes to the demand for flexible office spaces and collaborative work environments, further enhancing the city’s commercial real estate market.
Key Opportunities:
Biotech and healthcare facilities
Frederick National Laboratory for Cancer Research:
Employees: Approximately 2,100 employees.
This facility is one of the leading research centers in the country, focused on cancer research, HIV/AIDS, and infectious diseases. Operated by Leidos Biomedical Research on behalf of the National Cancer Institute, it plays a pivotal role in the nation's biomedical research infrastructure.
Fort Detrick:
Employees: Over 9,000 military, federal, and contractor employees.
Fort Detrick is a major U.S. Army Medical Command installation, home to multiple organizations focused on medical research, including the U.S. Army Medical Research Institute of Infectious Diseases (USAMRIID). It serves as a central hub for biotech research in infectious diseases and other medical fields.
BioTech Campus:
Employees: The campus hosts several companies, with Thermo Fisher Scientific employing around 400 employees in Frederick alone, and Lonza employing approximately 500.
Frederick's dedicated biotech campus houses various companies involved in life sciences, such as Thermo Fisher Scientific and Lonza, which are involved in pharmaceutical manufacturing, research, and development.
Leidos Biomedical Research:
Employees: Approximately 1,800 employees.
Leidos Biomedical operates out of the National Cancer Institute's Frederick campus, focusing on life sciences research and technology development, contributing to significant advancements in biomedical research.
Frederick Health:
Employees: Frederick Health employs more than 3,000 healthcare professionals.
Frederick Health has been expanding its services across the city, including new outpatient clinics and specialized healthcare services, to meet the growing needs of the community.
Notable Mention
Wells Fargo Home Mortgage
Industry: Financial Services
Employees: Approximately 1,000Description: Wells Fargo’s Home Mortgage division has a significant presence in Frederick, providing mortgage services and employing a large number of professionals in the area.
Office spaces in the expanding business districts
Frederick’s business districts are rapidly expanding, offering modern office spaces that attract a diverse range of companies. These developments cater to the growing demand for high-quality work environments in a city that is increasingly recognized as a regional hub for innovation and business.
Riverside Research Park:
Location: Adjacent to the National Cancer Institute in Frederick.
Details: Riverside Research Park is a premier office and research campus designed to accommodate biotech, government, and commercial enterprises. The park is home to several research institutions and companies focused on life sciences and technology, benefiting from proximity to the National Cancer Institute and Fort Detrick.
The park offers over 1 million square feet of office and lab space. It is designed to support the needs of cutting-edge research facilities and corporate offices, providing a highly professional environment with modern amenities.
Patrick Street Plaza:
Location: Along West Patrick Street (Route 144) in downtown Frederick.
Details: Patrick Street Plaza is a newer office development that blends modern office spaces with the charm of Frederick’s historic downtown. The plaza caters to small and mid-sized businesses, particularly those in the professional services, tech, and creative industries. Its central location offers easy access to downtown amenities, including restaurants, shops, and cultural venues.
The plaza features approximately 100,000 square feet of office space, with flexible floor plans to accommodate a variety of business needs. The development is part of a broader effort to revitalize downtown Frederick, making it an attractive option for businesses seeking a vibrant, urban environment.
Mixed-use developments blending residential and retail
Frederick, Maryland, has seen a surge in mixed-use developments that successfully blend residential, retail, and commercial spaces. These projects are transforming parts of the city into vibrant communities where people can live, work, and play. Here are some notable examples with specific statistics:
1. East Street Corridor Development
Location: Along East Street in downtown Frederick.
Details: The East Street Corridor has been a focal point for mixed-use development in Frederick. The area has seen significant investment aimed at revitalizing older industrial areas into modern, multi-functional spaces.
Statistics: The development includes hundreds of residential units, with a mix of apartments and townhomes, alongside 150,000+ square feet of retail and office space. Key projects in this area include the Monocacy Boulevard mixed-use development and The Bottling Plant, which features residential units above ground-floor retail.
2. Market Square at Frederick
Location: North Frederick, near Route 26.
Details: Market Square is a master-planned, mixed-use community that combines residential, retail, and office spaces. It is designed to create a community-focused environment with a variety of amenities.
Statistics: The development includes over 600 residential units (apartments and townhomes) and 300,000 square feet of retail space, including a Wegmans grocery store, restaurants, and various service-oriented businesses. Market Square also features office space that caters to local businesses and professionals.
3. Westview South
Location: Off Route 85, in the southern part of Frederick.
Details: Westview South is a comprehensive mixed-use development that integrates residential neighborhoods with commercial and retail spaces, creating a live-work-play environment. It’s located near the Westview Promenade, a popular shopping and dining destination.
Statistics: Westview South includes approximately 550 residential units, ranging from luxury apartments to townhomes. The development also features 200,000+ square feet of retail and office space, with tenants including restaurants, shops, and professional services.
4. Clemson Corner
Location: North Frederick, near the intersection of Routes 26 and 15.
Details: Clemson Corner is a prominent mixed-use development that offers a mix of retail, dining, and residential options. It serves as a major shopping destination in the area while providing convenient housing options.
Statistics: The development includes around 240,000 square feet of retail space, anchored by large retailers like Lowe’s and Wegmans, and offers over 200 residential units. The proximity to major roads makes it an attractive location for both residents and businesses.
5. Frederick Crossing
Location: Off Route 85, near the Westview Promenade.
Details: Frederick Crossing is another mixed-use development that combines retail and residential components. It is designed to offer convenient living options with easy access to shopping and dining.
Statistics: The project includes 150,000 square feet of retail space with a variety of stores and restaurants, as well as around 200 residential units, including apartments and townhomes.
These mixed-use developments in Frederick illustrate the city's commitment to creating integrated communities that cater to the needs of residents and businesses alike. By blending residential, retail, and commercial spaces, these projects contribute to the city's growth and enhance its appeal as a place to live, work, and invest.
Conclusion
As Maryland’s economy continues to grow and diversify, these ten rising cities represent the future of commercial real estate development in the state. The state’s strategic location along the I-95 corridor, its proximity to major markets in Washington D.C., Philadelphia, and New York City, and its well-educated workforce are key drivers of this growth.
Investments in infrastructure, such as the $2 billion expansion of the Port of Baltimore and ongoing improvements to the state’s transportation network, further enhance Maryland’s appeal to businesses and investors. Additionally, Maryland’s commitment to fostering innovation and entrepreneurship, particularly in the technology and life sciences sectors, is attracting new companies and driving demand for commercial spaces.
With a growing population and a strong economic outlook, Maryland offers a wealth of opportunities for commercial real estate investors in 2024. These ten cities, each with its unique strengths and growth potential, are essential destinations for savvy investors looking to capitalize on the state’s expanding economy. Whether it’s urban revitalization in Baltimore or the development of suburban hubs like Columbia and Frederick, Maryland’s commercial real estate market is set to thrive, making it a key player in the Mid-Atlantic region’s economic future.
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